Prices of petrol and diesel were hiked for the fifth straight day on Friday, taking the price of petrol to Rs 75.61 while diesel retailing at Rs 67.08 in Delhi.
Since Monday, petrol price has increased five times by 81 paise whereas diesel price increased by 94 paise. The continuous five-day increase has raised major concerns for the general public.
The website of Indian Oil Corporation Limited (IOCL), one of the largest oil PSUs, suggested that petrol was retailing at Rs 75.61 in Delhi, Rs 78.29 in Kolkata, Rs 83.45 in Mumbai, Rs 78.46 in Chennai and Rs 76.83 in Bengaluru. On the other hand, diesel was retailing at Rs 67.08 in Delhi, Rs 69.63 in Kolkata, Rs 71.42 in Mumbai, Rs 70.80 in Chennai and Rs 68.23 in Bengaluru.
The increasing prices of essential fuels have severely affected industries besides commuters disrupting their daily activities.
The increase in fuel prices comes at a time when global crude oil prices are on an all-time high, after 2014, with predictions circulating that crude oil price may reach $100 a barrel. Global rise in prices have raised the fear that domestic prices may increase by Rs 4.
Earlier, the government clearly mentioned that it would not bring down the excise duty rates, forcing oil PSUs to increase prices of essential fuels as part of the daily revision scheme which started in 2017. The daily revision scheme has been facing heavy criticism by experts and the general public.